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Paul Boroditsch, Chief Executive OfficerIn an interview with CIO Applications, Paul Boroditsch, CEO of Compex, shares his insights into how the company has maintained and advanced its leadership position in the market for over five decades.
Pioneering Progressive Change in the Legal World
We are striving to introduce a progressive change in the legal world by leveraging technology tools to simplify medical information review and claims resolution processes
With a deep understanding of legal processes and the inherent complexities associated with each phase of the document retrieval process, we have designed a unique differentiated technology platform. We simplify the claim resolution process and bring higher transparency into the information review process, ensuring exceptional results for clients. Our data-driven solutions provide actionable insights, from dashboards that track performance to summaries that save thousands of hours.
We are striving to introduce a progressive change in the legal market by leveraging technology tools to simplify medical information review and claims resolution processes
The Compex Way of Excellence
Commitment to innovation, consistency, and client-centricity are the Compex ethos.
We envision ourselves as more than just a record retrieval vendor; our aim is to be a true partner helping clients solve their customers claims.
In the legal and insurance space, when a claim is presented both on the plaintiff and defense sides, part of the discovery process involves collecting information needed to substantiate the claim. This information can be about medical visits, diagnosis, billing, or employment. Our expertise in state-specific legal processes enables us to assist our customers in gathering the necessary information. Technologies like OCR are then used to analyze the data and provide users with simplified searchable summaries to find needed information to help them quickly and effectively resolve claims.
Compex also offers functionality for facilitating third-party opinions. In some cases, Qualified Medical Evaluations (QME) or Independent Medical Examinations (IME) will be requested from the defense and plaintiff side. We have specific tools to channel such information between both parties. For clients looking to schedule reports with QME or IME, we have integration where customers can easily connect with downstream systems.
Breaking Barriers in Record Retrieval Process
Compex is proud to be the first and only record retrieval company purpose built for the legal and insurance market.
Our client insights dashboard breaks down information, making it digestible for users. The user-friendly dashboard makes analytics and reporting accessible in a single view. It generates reports on key performance indicators such as turn-around time, completion rates, order type, and location. Users can drill down and segment documents across the business line, paving the way for comprehensive analysis across claims, offices, time frames, regions, and even at the law firm level. The process of authorization and approval can be done on the platform, eliminating the need for users to toggle between multiple systems. In addition, users can quickly pull management reports by exporting selected filters into an excel file to share with leaders and colleagues.
Customer Success Stories Affirming the Compex Value Proposition
At Compex, client feedback and their unique requirements help propel our innovation and execution.
From our client conversations, we have found that the legal industry is yet to adopt a more simplified billing practice. We have implemented flat fees and alternative pricing models with prepayment to simplify billing and review for our customers.
We have found that much of the collection, review, process can be removed through simplified pricing models with defined volumes. For example, we helped a large national customer save upwards of $2M annually with their billing process for record retrieval services.
Similarly, Compex has joined hands with leading claims management solution providers like DuckCreek, and Guidewire to simplify placing a records retrieval order. These integrations have paved the way for customers to put in requests without having to fill out order forms and push the appropriate information for that request. We also provide customers the ability to receive the records back into their system, allowing users to view all claims-related data in one place. As a result, one of our clients was able to reduce the time spent on the claims adjustment process by 20 percent.
Making a mark in the Legal World
Multiple features make our document retrieval system unique in the market and a preferred choice for law firms and global insurance companies.
Super User Access - Compex has developed Super User Login, which gives users the ability to access any claim across the country. This aspect particularly benefits clients with specialized support teams, enabling them to place an order for any attorney or claims representative within the U.S. The specialized access will cross reference the state the user is ordering for and apply the appropriate legal documents.
Multi-Download - To reduce the cumbersome process of downloading multiple medical records (from 5, 10, 20 or 30 different doctors and hospitals), Compex has developed software that gives clients the option to download multiple sets of records at the same time helping clients improve the efficiency while simplifying the entire process.
Merge and Search - One of our major clients approached us to simplify the process of searching a combination of records. Compex, designed a tool that allows a keyword search across all records for a given request and merges them into one PDF file.
DICOM Images - As medical claims often involve sharing X-rays and MRI images, Compex developed a tool that facilitates the delivery of such images online. It enables clients to post and view X-rays and MRIs online in the universal DICOM format eliminating the need for physical images and CDs. This tool has allowed many of our customer partners to download and forward medical images to 3rd party electronically, saving significant time and expenditures.
Compex continues to make great strides in developing innovative solutions that have process change in the legal landscape.
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